SINGAPORE: Singapore police said on Tuesday (Aug 21) they have recovered more than S$27 million linked to one of the biggest Ponzi schemes in China, which saw 1.15 million investors cheated out of 38 billion yuan (S$7 billion). Ezubao, once China’s biggest peer-to-peer lending platform, folded in 2016 after it turned out to be an online scam that concocted fake projects to attract investment and pocketed funds instead of passing them to borrowers to generate returns. In May that year, the Singapore police’s Commercial Affairs Department assisted Chinese authorities during their investigation into the scam by conducting asset…

SINGAPORE: While the impact from rising trade tensions remains limited thus far with the economy expected to stay on a “steady expansion path”, Singapore needs to guard against potential spillover effects, said Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). This is due to the country’s role as a node in the regional electronics production value chain, as well as a hub for air and sea transport and financial intermediation services, he said alongside the release of the central bank’s annual report on Wednesday (Jul 4). “Bilateral trade…

TLC Sardines in Tomato Sauce, one of two products recalled in Malaysia after they were found contaminated with dead worms. (Photo: Malaysia Health Ministry website) KUALA LUMPUR: Malaysia’s health ministry on Thursday (Apr 19) recalled two products of canned sardines from China after they were found to contain dead worms. In a statement, director-general Noor Hisham Abdullah said analysis by the Health Ministry found that the TL Tan Lung Canned Sardines in Tomato Sauce produced by Fujian Yongfa, as well as the TLC Sardines in Tomato Sauce produced by Dongshan Dongyi Foods, were…

BEIJING: China on Monday imposed tariffs on 128 US imports worth US$3 billion, including fruit and pork, retaliating for US duties on steel and aluminium that Beijing said “seriously infringed” Chinese interests. The move, which was decided by the customs tariff commission of the State Council, followed weeks of rhetoric that has raised fears of a trade war between the world’s two biggest economies. The Trump administration had said its duties were aimed at steel and aluminium imports that it deemed a threat to US national security, but China’s Commerce…

Singapore’s deputy prime minister Tharman Shanmugaratnam provided new commentary on the government’s commitment “not to ban” cryptocurrency as part of its future regulatory plans. In a series of fourteen statements published Monday, Feb. 5 in response to questions posed by members of parliament Tuesday, Tharman Shanmugaratnam, deputy prime minister and minister in charge of regulatory body the Monetary Authority of Singapore (MAS), confirmed a broadly hands-off policy regarding cryptocurrencies going forward. “…(MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case…

SINGAPORE/LONDON (Reuters) – Global financial regulators are beginning to warn the public against the risks of investing in a market that many feel is in a speculative bubble, with Singapore’s central bank on Tuesday urging “extreme caution” about buying cryptocurrencies. The staggering growth of bitcoin and other decentralised digital currencies this year – with the market swelling from around $17 billion at the start of January to well over $600 billion now – has led to increasing concerns over what the fallout could be if the bubble were to suddenly…

SINGAPORE: A man suspected to have been part of a China officials impersonation scam that cheated a woman of S$5.4 million was arrested, police said on Thursday (Jan 18). In the news release, police said that the man, a 20-year-old Malaysian, was arrested in Kuala Lumpur and brought back to Singapore on Thursday with the assistance of their Malaysian counterparts. The scam took place in November 2017. The victim was led to believe that she had to surrender all her money to conmen impersonating as officials to assist in investigations. Police investigations…

KYOTO – Japan and China have become locked in a subtle competition for increased influence in Southeast Asia. And Thailand has played a part in intensifying such competition. Seeking to cement ties with Japan and China to lessen the impact of Western sanctions, the Thai junta has allowed the two countries to exploit its political crisis for their national interests. Thailand has undoubtedly emerged as the region’s critical playground for the Sino-Japanese rivalry. Investments in mega-projects is one key area in which Japan and China have competed fiercely in Thailand. The…

Apple’s iCloud services in mainland China will be operated by a Chinese company from next month, the tech giant has confirmed. It has contacted customers based in China, advising them to examine new terms and conditions. They include a clause that both Apple and the Chinese firm will have access to all data stored on iCloud. Apple said it had made the move to comply with the country’s cloud computing regulations. iCloud accounts registered outside of China are not affected. ‘Strong data privacy’ The Chinese cyber security rules, introduced in…

SHANGHAI – At least three Chinese airports have been shut and nine others are experiencing extensive delays because of heavy snowfall, Chinese aviation data provider VariFlight said on Thursday (Jan 4). The national observatory put China’s snow alert on its second-highest level this week, state news agency Xinhua said. Parts of the central, northern and eastern regions could see up to 30cm of snow, it said. VariFlight said Hefei Xinqiao International Airport, Fuyang Xiguan Airport in eastern Anhui province, and Jining Qufu Airport in coastal Shandong province had been shut.…